Poor credit rating
Out of context: Reply #16
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- mg330
(Long post, sorry!)
I've had bad credit, but it's getting better.
I was a typical college student approached over the phone by a major credit card company offering a "University Alumni mastercard"
when I was a freshman.
I had done telemarketing so I figured I'd at least help the guy get part of his quota for the day.Got sent a card, waited a long time to activate it. Finally did to buy myself and my roommate BMX bikes and take a girl out on a date. He gave me cash for his bike to pay me back, and I spent it all shopping.
Hit the $1000 max eventually, mostly through interested and nonpayment fees.
Now, this is where it gets absurd.
I managed to shut the card, and the debt out of my mind for like 2-3 years, to the point I accumulated over $4,000 in debt!!!!When I moved to Chicago, I didn't forward my address, so for a year my parents were getting mail, phone calls, etc. from the credit card company.
Finally they caught up with me in Chicago, but what I got offered was quite nice.
Another credit card company took on my debt (Capital One).
The knocked off 10% of the balance, and gave me a credit account where the debt was in a no-interest segment of the account.
Started me with a $100 limit, and for every $100 I paid, they increased my max by $25.In a nutshell, it's worked out great. I pay off my debt, have a card to use for small purchases, and get to prove that I can be consistent with payments. It was a great way out.
But bad credit is terrible. That wasn't my only problem, but others were way smaller. I just got my first apartment on my own, and needed a higher deposit because of bad credit.
(And I'm a little above the middle of the ratings scale.)I really need to take care of all of it, this kind of stuff ruins the chance to get mortgages, and all kinds of things.